Our Take on the Day's Big FX News

By

Michael Casey

March 25, 2013 7:59 a.m. ET

1. The crisis in Cyprus crisis is over, for now. An 11th hour deal struck Sunday night between the Cypriot government and the European Union, European Central Bank and International Monetary Fund (the "troika") meant that the ECB won't have to carry out its threat to end emergency lending to the country's banks Monday. It means, ultimately, that Cyprus won't have to be forced out of the euro zone in a hurry. The deal, which has come as a great relief for investors worldwide, will see 10 billion euros transferred from the euro zone creditors to the Cypriot government. In return, the latter will shut down the...